Two Wheeler Insurance FAQ

What are the prerequisite documents necessary for a Two-wheeler Insurance claim?

Though they are talked about in policy, this is just a handy list for your convenience:

• Claim form appropriately filled (before submitting do a Xerox and keep)
• Photocopy of the vehicle RC along with the original for verification
• Authentic approximation of loss (Make an extra copy and file it)
• Payment receipts and repair bills (always keep a photocopy with you)

How do we claim insurance if the vehicle is stolen?

First of all, file a FIR with your local police station or the police station nearest to you (if you are travelling). Submit the photocopy of the FIR and the documents mentioned above, the bike keys and a non-traceable certificate to your insurance company.

• You can always claim the full IDV amount in case your bike is stolen.
• Another good news is that natural calamities and man-made disasters are covered too.

What all documents you need for buying new bike insurance?

Getting a new insurance policy for your old bike is a child’s play. Things you need are:

• Earlier insurance copy
• Registration certificate

How does RenewBuy help in deciding the premium for your new two-wheeler?

RenewBuy shows you various insurance premiums provided by companies based on the numerous factors you input which determine your new two-wheeler’s premium

• The IDV (Insured Declared Value)
• The age of the bike (If your bike is a used one)
• Zone of Registration
• The two-wheeler’s cubic capacity (for third-party insurance)
• Previous year Claim Status & NCB

What if the insurance policy expires?

• It is mandatory to do insurance for your bike in India; hence it is suggested to renew before it expires.
• If not done within 90 days, you lose on your No Claim Bonus, leading to a substantial financial loss.
• If not done on time then your bike will go through a new inspection, which may be chargeable.

Is third-party insurance mandatory?

Yes, it is. You are legally and financially liable to the third party in case there is an accident. Point to remember; this does not take care of any injuries or damages to you and your bike.

What is Voluntary Compulsory Deductible (VCD)?

IRDA predetermines it. Remember, higher the VCD lower will be the premium. However, this is the loss you will incur when there is a claim.

How to zero down on Insurance with third party liability?

Use a top premium calculator like one found on RenewBuy page, which helps you to choose a comprehensive plan. This plan can be a little expensive but will protect your bike and is any day better than the one with third party liabilities.

Can bike insurance be cancelled?

No bike insurance policy can’t be cancelled until or unless there is a genuine case and is intimated within 1 month from the date of purchase of the policy. Genuine cases can be when you end up buying 2 policies for the same vehicle or your vehicle was commercial and you bought private vehicle policy etc. However, there are no cancellation charges.

Is the pillion driver covered in a comprehensive two-wheeler insurance policy?

Sad but the truth is “No”. One needs to get a personal accident cover for the pillion driver.

Does RenewBuy help in getting additional benefits while buying bike insurance?

At RenewBuy add-on covers and personal accident cover for pillion riders are additionally available with various insurance companies while buying bike insurance. Though one might need a wee bit of extra premium; it is worth every rupee and highly recommended.

Is it mandatory to buy a bike insurance policy with a five-year tenure?

In India, it is not mandatory to buy a bike insurance policy with a five-year tenure. However, following the Supreme Court's directive, all new two-wheelers sold after September 1, 2018, must have a minimum of five years of third-party insurance coverage. This mandate aims to ensure prolonged coverage and better compliance with traffic regulations.

Although third-party insurance for five years is compulsory, you have the option to purchase a comprehensive insurance policy either annually or for a longer duration. Comprehensive bike insurance policies offer more extensive coverage, including own-damage protection, but the tenure for these can vary based on your preference and the insurer's offerings.

How can I get a copy of my two-wheeler insurance policy online?

To get a copy of your two-wheeler insurance policy online, follow these steps:

• Go to the official website of your insurance provider.
• Log in to your account using your registered email ID or phone number. If you don't have an account, register by providing necessary details such as policy number and personal information.
• Once logged in, reach the section where your policy details are listed.
• Find the option to download or print your insurance policy document. It is usually available in PDF format.
• Alternatively, insurers often email the policy document to your registered email address upon purchase. Search your inbox for an email from your insurer.

If you face any issues, you can contact customer support for assistance

What is zero-depreciation cover in two-wheeler insurance?

Zero-depreciation cover, also known as bumper-to-bumper or nil depreciation cover, is an add-on feature in two-wheeler insurance policies. This cover ensures that the insurance company pays the full cost of repairing or replacing bike parts without factoring in depreciation.

Normally, insurers deduct depreciation on parts, leading to a lower claim payout. With zero-depreciation cover, you receive a higher claim amount since the depreciation cost is not considered.

This add-on can be particularly beneficial for new and high-end bikes. It typically costs more than standard policies but provides greater financial protection and peace of mind.

Is there any grace period for bike insurance?

Yes, there is typically a grace period for renewing bike insurance in India. It refers to the additional time given by the insurer after the policy's expiration date during which you can renew your policy without losing certain benefits. This period usually ranges from 15 to 30 days, depending on the insurer's terms and conditions.

Any incidents or accidents occurring during this period may not be eligible for claims. That is why it's important to renew your insurance before the expiration date to avoid the risk of being uninsured and facing legal penalties.

Can I file a claim for bike insurance during the grace period?

In general, you cannot file a claim for bike insurance during the grace period. During this period, your bike is not covered for any risks, including accidents, theft, or damages (as per insurance policy’s terms and conditions).

To be eligible for claims, your insurance policy must be active and valid at the time of the incident. If you attempt to file a claim during the grace period, it will likely be rejected by the insurer because the policy was not in force when the incident occurred.

How should I select the best bike insurance policy?

To select the best bike insurance policy,

• Start by assessing your coverage needs for third-party liability and own-damage.
• Compare policies from reputable insurers based on premiums, coverage options, and add-ons.
• Check the insurer's claim settlement ratio for reliability.
• Understand policy exclusions and ensure the premium fits your budget.
• Opt for insurers offering easy purchase and renewal processes.

By weighing these factors, you can opt for a detailed bike insurance comparison and choose a policy that provides comprehensive coverage and meets your specific requirements.

Is third-party insurance enough for a bike?

Third-party insurance is the minimum legal requirement for bikes in India. It covers damages and injuries caused to third parties (individuals or property) by your bike. However, it does not cover damages to your bike in case of accidents, theft, or natural calamities.

Whether third-party insurance is enough depends on your needs. If you want coverage for your bike's own damages, consider opting for a comprehensive insurance policy. This includes third-party cover and also covers own-damage. You can assess your risk tolerance, usage patterns, and budget to determine if third-party insurance suffices or if comprehensive coverage is more suitable for financial security.

How can I file a claim under a two-wheeler insurance policy?

To file a two-wheeler insurance claim, notify your insurer immediately and provide details such as policy number, incident description, and damage assessment. Submit required documents like claim form, FIR (if applicable), repair estimates, and policy copy. The insurer will conduct a survey if needed and assess the claim.

Upon approval, they will settle the claim by reimbursing repair costs or directly paying the network garage.

How many times can I file a claim under my bike insurance policy?

You can file multiple claims under your bike insurance policy during the policy period. However, the number of claims allowed depends on the terms and conditions of your specific policy.

Generally, there is no limit on the number of claims for third-party liability. However, for own-damage claims, insurers may specify a maximum number of claims per policy year to prevent misuse. You can review your policy document or contact your insurer to understand the exact limits.

Which risks are typically covered in a two-wheeler insurance policy?

A standard comprehensive two-wheeler insurance policy typically covers the following risks:

• Third-party liability covering damages and injuries caused to third parties by your bike, including legal liabilities
• Own damage protection covering damages to your bike due to accidents, theft, fire, natural disasters (like floods or earthquakes), and malicious acts
• Personal accident cover providing compensation in case of accidental death or disability of the rider or owner-driver of the bike

You can check your policy document for more information.

Is my bike insurance policy valid all across India?

Yes, your bike insurance policy is valid across India. Insurance coverage extends throughout the country, including all states and union territories. Whether you ride your bike locally or traveling interstate, your insurance policy remains effective, provided it is active and in force. This ensures you are covered for any incidents or accidents that may occur during your travels within India.

What is the advantage of buying bike insurance through RenewBuy?

RenewBuy, as an insurance aggregator, offers the advantage of comparing multiple bike insurance policies from different insurers in one place. This saves time and allows you to choose a policy that best suits your needs and budget.

Purchasing through RenewBuy is convenient, with transparent information on policy features and terms. Their partners assist throughout the buying process, making it easier to manage your bike insurance requirements.

What is not covered in a bike insurance policy?

Common exclusions from a bike insurance policy include:

• Damages due to mechanical or electrical failure of the bike
• Gradual deterioration of the bike's parts over time
• Accidents or incidents while riding without a valid driver's license
• Accidents caused when riding under the influence of alcohol or drugs
• Accidents occurring while engaging in illegal activities or racing

These exclusions vary slightly between insurers and policy types, which is why it's essential to read your policy documents carefully.

How long is two-wheeler insurance good for?

Two-wheeler insurance policies typically have a validity period of one year. This means your insurance coverage remains in effect for a period of 12 months from the date of policy inception. At the end of each policy term, you need to renew your insurance to maintain continuous coverage.

However, with the introduction of long-term insurance policies in India, you can also purchase bike insurance for longer durations, such as three years or five years. These long-term policies offer the convenience of extended coverage without annual renewals. Check with your insurer for available options and choose a policy term that best suits your preferences.